LAHONTAN DRILLS 49 METRES GRADING 0.51 g/t Au Eq incl. 7.6 METRES GRADING 1.16 g/t Au Eq at SANTA FE
217 Queen Street West, Suite 401, Toronto, ON M5V 0R2 www.lahontangoldcorp.com
NEWS RELEASE TSX.V LG, OTCQB LGCXF
LAHONTAN DRILLS 49 METRES GRADING 0.51 g/t Au Eq incl. 7.6 METRES
GRADING 1.16 g/t Au Eq at SANTA FE
Toronto, Ontario, August 27, 2024. Lahontan Gold Corp (TSXV:LG, OTCQB:LGCXF) (the
"Company" or "Lahontan") is pleased to announce results from five reverse-circulation rotary (“RC”)
drill holes from the Company’s 2024 Phase One drilling campaign at the Company’s 26 km2 Santa Fe Mine
project located in Nevada’s prolific Walker Lane gold and silver belt. These drill holes were completed in
the Slab and Santa Fe pit areas at the Santa Fe Mine where previous Lahontan drilling had outlined
significant shallow oxide domain gold and silver resources (Canadian NI 43-101 compliant) that remained
open along strike and down-dip*. The five drill holes reported herein, totaling 1,053 metres, targeted
potential extensions to these gold and silver resources and were also designed to confirm and limit pit
boundaries for the upcoming updated Mineral Resource Estimate (“MRE”) and Preliminary Economic
Assessment (“PEA”) for the Santa Fe Mine project. Highlights include:
• 48.8 metres grading 0.44 g/t Au and 7.4 g/t Ag (0.51 g/t Au Eq) of shallow oxide mineralization
in drill hole CAL24-007R including 7.6 metres grading 1.08 g/t Au and 8.3 g/t Ag (1.16 g/t Au
Eq). This drill hole, and CAL24-009R reported below, intercepted significant widths of oxide gold
and silver mineralization approximately 350 metres north of the Slab open pit and almost 100
metres north of the MRE conceptual pit shell, greatly expanding the footprint of gold and silver
mineralization at the Slab open pit (please see location map, long section, and table below). These
drill holes will be used to update the 2023 MRE, expected in September 2024.
• 7.6 metres grading 2.06 g/t Au and 18.2 g/t Ag (2.22 g/t Au Eq) in drill hole CAL24-009R
including 3.1 metres grading 4.26 g/t Au and 18.2 g/t Ag (4.41 g/t Au Eq) within a 50.4 metre
total thickness of gold and silver mineralized rock. This drill hole contains some of the highest
gold and silver grades seen at the Slab deposit: 5.22 g/t Au (77.7 -79.2m) and 151 g/t Ag (112.8
– 114.3m). This drill hole, coupled with CAL24-007R, open a large area for resource expansion
north and northeast of the Slab Pit (please see map, long section, and Grade Thickness map below).
Kimberly Ann, Lahontan Founder, CEO, President, and Director commented: “These final drill results from
the Phase One drill program have produced excellent results, expanding Slab oxide gol d and silver
mineralization hundreds of metres north of the 2023 MRE* conceptual pit shell. We see a definite trend
toward thicker zones of mineralization with up to 50 metre down-hole intercepts. Also, silver grades seem
to be increasing along this north-northeast trend. These exciting results point to the tremendous potential
of the Santa Fe Mine project; the technical team will continue to define areas for future resource expansion
drilling throughout the project area. All the results reported herein, as well as the results from the 2023
drilling campaign, are being integrated into a new MRE block model which will form the basis for mining
planning and scheduling in the upcoming PEA.”
It should be noted that all the drill holes were drilled at an angle with inclinations ranging from -60 to -80
degrees. Therefore, the depth from the surface to any given intercept is less than the down-hole distance
of the intercept, the approximate true thickness of each intercept varies from 80 – 90% of the drilled interval.
* Please see the Santa Fe Project Technical Report, Authors: Trevor Rabb and Darcy Baker, P. Geos. Effective Date: December
7, 2022, Report Date: March 2, 2023. The Technical Report is available on the Company’s website and SEDAR.
217 Queen Street West, Suite 401, Toronto, ON M5V 0R2 www.lahontangoldcorp.com
Plan view of the Slab pit area, Santa Fe Mine, Nevada. The outline of the MRE conceptual pit is shown in red, which
encompass the current Slab pit shown in dashed black. All seven 2024 RC drill holes are shown with heavy black
drill hole traces, the line of the long section (in yellow and below) is also shown.
The long section above shows all Au Eq blocks modeled from historic drilling, both within and outside of the current
MRE pit shell*. The drill hole coloration in the cross section uses the same grades as the resource blocks, but the value
only includes g/t Au rather than Au Eq. For the updated MRE, reinterpretation of the block model will increase grade
between the current pit shell (black) and the potential new pit shell (dashed). Mineralization remains open to the north
with an apparent trend towards higher gold and silver grades (see Grade X Thickness (“GT”) interpretation below).
LGC Drill Trace 2024
LGC Drill Trace 2021-2023
CAL24-008R
CAL24-004R
CAL24-007R
CAL24-009R
CAL24-002RCAL24-003R
CAL24-001R
North
South
PhaseOneDrillResults
Slab-Calvada
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09
MRE Pit Outline
CAL24-008R 4 zones totaling 50.4 metres
average 0.60 g/t Au, 13.3 g/t
Ag (0.72 g/t Au Eq)
CAL24-007R
44.8m (120.4-169.2) @
0.44 g/t Au, 7.4 g/t Ag
(0.51 g/t Au Eq)
2022 modeled AuEq blocks
from historic drilling
Section looks West
CAL24-009R
21.3m (207.3-228.7) @
0.23 g/t Au, 2.7 g/t Ag
(0.25 g/t Au Eq)
Potential
Expanded Pit
Shell
South North
Current Surface
OPEN
217 Queen Street West, Suite 401, Toronto, ON M5V 0R2 www.lahontangoldcorp.com
Plan view of the Slab pit area, Santa Fe Mine, Nevada. Contoured silver grade times interval thickness (Ag g/t *
interval thickness in metres) is overlain on Lahontan drill holes. The Lahontan drill hole data base was used for
contouring purposes. Grade X Thickness plots for gold and Au Eq display a very similar pattern. Of great importance
is the northern extension to Slab gold and silver mineralization: the extension remains open and contains some of the
best grades in the Slab resource. Another area of open mineralization lies on the eastern edge of the Slab resource
where structures may be hinting at new drill targets. The high-grade silver contours continue under the current Slab
pit where, due to limited access, Lahontan has not conducted new drilling. The outline of the MRE conceptual pit is
shown in red, which encompass the current Slab pit shown in dashed black. All seven 2024 RC drill holes are shown
with heavy black drill hole traces, the line of the long section (in yellow) is also shown.
LGC Drill Trace 2024
LGC Drill Trace 2021-23’
CAL24-001R
CAL24-003R
CAL24-002R
CAL24-008R
CAL24-004RCAL24-009R
CAL24-007R
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09
Ag G*T (gm*m)
35 –69 gm*m
70–104 gm*m
105 –139 gm*m
140 –174 gm*m
175 –209 gm*m
>210 gm*m
North
South
OPEN
OPEN
Mineralization
Continues
Under Pit
217 Queen Street West, Suite 401, Toronto, ON M5V 0R2 www.lahontangoldcorp.com
Notes: Au Eq equals Au (g/t) + ((Ag g/t/75)*0.66). Silver grade for calculating Au Eq is adjusted to consider historic
metallurgical recovery as described in the Santa Fe Project Technical Report*. True thickness of the intercepts is
estimated to be 80-90% of the drilled interval. Numbers may not total precisely due to rounding. NSA = No Significant
Assays.
QA/QC Protocols:
Lahontan conducts an industry standard QA/QC program for its core and RC drilling programs. The QA/QC
program consisted of the insertion of coarse blanks and Certified Reference Materials (CRM) into the
sample stream at random intervals. The targeted rate of insertion was one QA/QC sample for every 16 to
20 samples. Coarse blanks were inserted at a rate of one coarse blank for every 65 samples or approximately
1.5% of the total samples. CRM’s were inserted at a rate of one CRM for every 20 samples or approximately
5% of the total samples.
The standards utilized include three gold CRM’s and one blank CRM that were purchased from MEG, LLC
of Lamoille, Nevada (formerly Shea Clark Smith Laboratories of Reno, Nevada). Expected gold values are
0.188 g/t, 1.107 g/t, 10.188 g/t, and -0.005 g/t, respectively. CRM’s with similar grades are inserted as the
initial CRM’s run out. The coarse blank material comprised of commercially available landscape gravel
with an expected gold value of -0.005 g/t.
As part of the RC drilling QA/QC process, duplicate samples were collected of every 20th sample interval
at the drill rig to evaluate sampling methodology. Samples were collected from the reject splitter on the
drill rig cyclone splitter. Samples were collected at each 95- to 100-foot (28.96 - 30.48m) mark and labeled
with a “D” suffix on the sample bag. No duplicates were submitted for core.
All drill samples were sent to American Assay Laboratories (AAL) in Sparks, Nevada, USA for analyses.
Delivery to the lab was either by a Lahontan Gold employee or by an AAL driver. Analyses for all RC and
core samples consisted of Au analysis using 30-gram fire assay with ICP finish, along with a 36-element
geochemistry analysis performed on each sample utilizing two acid digestion ICP-AES method. Tellurium
or 50-element analyses were performed on select drill holes utilizing ICP-MS method. Cyanide leach
analyses, using a tumble time of 2 hours and analyzed with ICP-AES method, were performed on select
drill holes for Au and Ag recovery. AAL inserts their own blanks, standards and conducts duplicate analyses
to ensure proper sample preparation and equipment calibration. We have all results reported in grams per
tonne (g/t).
Drill Hole Total Depth
(m )
Azimuth,
InclinationFrom ( m)To (m)Interval
(m ) Au (g/t)Ag (g/t) Au Eq
(g/t)
Metallurgical
Domain Target/Notes
CAL24-007R 211.8 135, -80 97.5 103.6 6.1 0.78 16.8 0.93 Oxide
including: 99.1 102.1 3.0 1.18 30.6 1.45 Oxide
also: 120.4 169.2 48.8 0.44 7.4 0.51 Oxide
including: 158.5 166.1 7.6 1.08 8.3 1.16 Oxide
CAL24-008R 257.6 300, -65 99.1 106.7 7.6 0.42 6.6 0.48 Oxide North Slab Stepout
207.3 228.6 21.3 0.23 2.7 0.25 Oxide
CAL24-009R 221.1 120, -65 76.2 83.8 7.6 2.06 18.2 2.22 Oxide North Slab Stepout
including: 77.7 90.8 3.1 4.26 18.2 4.41 Oxide
also: 109.7 118.9 9.2 0.31 38.1 0.65 Oxide
also: 153.9 163.1 9.2 0.46 7.7 0.52 Oxide
also: 195.1 219.5 24.4 0.31 4.6 0.35 Oxide
SF24-001R 201.2 235, -60 NSA Transition NW pit wall Santa Fe/condemnation
SF24-002R 152.4 220, -60 NSA Transition NW pit wall Santa Fe/condemnation
North Slab stepout
217 Queen Street West, Suite 401, Toronto, ON M5V 0R2 www.lahontangoldcorp.com
About Lahontan Gold Corp.
Lahontan Gold Corp. is a Canadian mine development and mineral exploration company that holds,
through its US subsidiaries, four top-tier gold and silver exploration properties in the Walker Lane of
mining friendly Nevada. Lahontan’s flagship property, the 26.4 km2 Santa Fe Mine project, had past
production of 345,000 ounces of gold and 711,000 ounces of silver between 1988 and 1995 from open pit
mines utilizing heap-leach processing (Nevada Bureau of Mines and Geology, 1995). The Santa Fe Mine
has a Canadian National Instrument 43-101 compliant Indicated Mineral Resource of 1,112,000 oz Au Eq
(grading 1.14 g/t Au Eq) and an Inferred Mineral Resource of 544,000 oz Au Eq (grading 1.00 g/t Au Eq),
all pit constrained (Au Eq is inclusive of recovery, please see Santa Fe Project Technical Report*). The
Company will continue to aggressively explore Santa Fe during 202 4 and complete a Preliminary
Economic Assessment evaluating development scenarios to bring the Santa Fe Mine back into production.
The technical content of this news release and the Company's technical disclosure has been reviewed and
approved by Quentin J. Browne, P.Geo., Independent Consulting Geologist to Lahontan Gold Corp., who
is a Qualified Person as defined in National Instrument 43-101 -- Standards of Disclosure for Mineral
Projects. For more information, please visit our website: www.lahontangoldcorp.com
* Please see the Santa Fe Project Technical Report, Authors: Trevor Rabb and Darcy Baker, P. Geos. Effective Date: December
7, 2022, Report Date: March 2, 2023. The Technical Report is available on the Company’s website and SEDAR.
On behalf of the Board of Directors
Kimberly Ann
Founder, CEO, President, and Director
FOR FURTHER INFORMATION, PLEASE CONTACT:
Lahontan Gold Corp.
Kimberly Ann
Founder, Chief Executive Officer, President, Director
Phone: 1-530-414-4400
Email:
Website: www.lahontangoldcorp.com
Cautionary Note Regarding Forward-Looking Statements:
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Exchange) accepts responsibility for the adequacy or accuracy of this release. Except for statements of historical fact,
this news release contains certain "forward-looking information" within the meaning of applicable securities law.
Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend",
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materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties
with regulatory approvals, including that of the TSXV. There are uncertainties inherent in forward-looking information,
including factors beyond the Company’s control. The Company undertakes no obligation to update forward-looking
information if circumstances or management's estimates or opinions should change except as required by law. The reader
is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and
uncertainties that could affect financial results is contained in the Company’s filings with Canadian securities regulators,
which filings are available at www.sedar.com